Rupert Murdoch’s 21st Century Fox said it had agreed a deal to buy Britain’s Sky with an offer valuing the pay-TV group at $32.5 billion (24.5 billion pounds), trumping rival bidder Comcast.
Fox, which is expecting to get regulatory approval from Britain this week after striking an initial deal with Sky in December 2016, upped its offer to 14 pounds per share, from its earlier 10.75 pounds per share.
But Fox may still face further competition from U.S. cable
giant Comcast which submitted its own bid for Sky in February, valuing the pan European group at 12.50 pounds per share. Sky’s shares closed at 15.01 pounds on Tuesday, meaning shareholders may also not like the price.